“Filing Annual Returns with ACRA In Singapore”
All companies, whether dormant or active must file annual returns (AR) with ACRA every year.
There was key legislative amendments taking effect for companies with Financial Year ending (FYE) on or after 31 August 2018. These changes are to reduce regulatory burden for companies especially SMEs.
Requirements on holding AGMs (Annual General Meetings) and filing annual returns have been simplified and deadlines are now tied to a company’s FYE as follows:
To hold an AGM within 6 months after FYE and file annual returns (AR) with ACRA within 7 months after FYE.
That means if your FYE is 31 December 2020, you must hold your AGM on or before 30 June 2021 and file the AR with ACRA on or before 31 July 2021. And if your FYE is 30 June 2021, you must hold your AGM on or before 31 December 2021 and file the AR with ACRA on or before 31 January 2022.
The Unaudited Financial Statements (UFS) tabled at the AGM should not be more than 6 months old. If the company requires more time to lodge its annual accounts it may seek an extension from ACRA by filing an application. Late lodgement of Annual Return for local company will have to pay a penalty of $300 to $600 depending on the length of default (Days). So file early and avoid penalty!
To prevent companies from changing their FYE frequently to avoid late fee, all companies must notify the Registrar of their FYE upon incorporation and of any subsequent changes. Also the duration of a company’s first financial statement must not be more than 18 months after the incorporation. Companies must also apply to Registrar for approval to change their FYE, if FYE was changed within the last 5 years.
Currently a new small company concept which will determine exemption from statutory audit. Notably, a company no longer needs to be an exempt private company to be exempted from audit.
A company qualifies as a small company if:
- it is a private company in the financial year in question; and
- it meets at least 2 of 3 following criteria for immediate past two consecutive financial years:
- total annual revenue < $10m;
- total assets < $10m;
- number of employees < 50;
As most of the companies in Singapore are EPC (EXEMPT PRIVATE COMPANY LIMITED BY SHARES). They are exempted from statutory audits. When you file your annual returns you need not submit your UNAUDITED FINANCIAL STATEMENTS (UFS).
Any company secretary or director can file the Annual Returns with ACRA on behalf of the company. The filing fee is $60 per year.
Straits times has reported that company directors have breached Companies Act including failure to hold AGMs and not filing annual returns for nine firms.
https://www.straitstimes.com/business/company-director-hit-with-record-113400-fine e
What I can help you!
I will be able to file your annual returns with ACRA for a fee of $400 if the company is dormant ( the fee includes ACRA annual filing fee AGM documentation fee and UFS preparation fee) and the fee of $540 if the company is active.
Alternatively I will be able to coach you doing the annual filing (hands on session of 45 minutes, so that you can file your future annual returns with ACRA on your own and save consultancy fee) plus advice on IRAS Form C-S filing & AGM requirements for a fee of $120 only!
Actual AR filing requirements
What information is required to complete the annual filing with ACRA?
- Unique Entity Number (UEN) and Corp pass
- Date of Annual General Meeting (AGM)
- Date of Financial Year End (FYE)
Upon the successful lodgement of the annual returns, (make sure you pay the annual filing fee with late lodgement fee if any) you will receive a free Business Profile of the entity the following day.
I am a pioneer generation Chartered Accountant of Singapore with more than 40 years in Finance and Accounting. Operating from home, without overhead cost, hence I am able to quote you very competitive prices if you need any help on compliance with annual filing (AR).
ACRA annual filing (AR) 2021